Occidental Petroleum : 2nd Quarter 2024 Earnings Release

Published: 2024-08-07 16:15:30 ET OXY

08.08.24

Second Quarter

Earnings

Conference Call

ZERO IN ON VALUE

3

Key Takeaways

Operational

excellence driving

financial results

Closed CrownRock

acquisition

Balance sheet strengthening

underway

4

OUTLINE

Second Quarter Highlights

Strategic Updates

Financials

Closing Comments

SECOND QUARTER HIGHLIGHTS

5

OPERATIONAL EXPERTISE DELIVERING

FINANCIAL SUCCESS

Oil & GasMidstream

1,258

+$180 MM

Mboed Production

Adjusted Pre-Tax Income

Highest In Four Years

Outperformance

FinancialLCV

$1.3 B

500,000 t

Free Cash Flow1

CDR Credits Purchase

Agreement With Microsoft

1EXCLUDES WORKING CAPITAL; SEE THE RECONCILIATIONS TO COMPARABLE GAAP FINANCIAL MEASURES ON OUR WEBSITE

SECOND QUARTER HIGHLIGHTS

U.S. ONSHORE OIL & GAS UPDATE 6

OXY EXTENDING U.S. ONSHORE WELL PERFORMANCE LEADERSHIP

DELAWARE SECONDARY DEVELOPMENT DRIVES HIGHER ASSET RETURNS

OPERATIONAL EXECUTION DRIVES CAPITAL EFFICIENCY

7

OUTLINE

Second Quarter Highlights

Strategic Updates

Financials

Closing Comments

MARTIN

HOWARD

MIDLAND

GLASSCOCK

UPTON

REAGAN

Combined Oxy &

CrownRock

Midland Basin

Acreage Position

Oxy

CrownRock

8

Closed August 1

CROWNROCK ADDS FREE CASH FLOW ACCRETIVE, PREMIER PERMIAN ASSET

High-Performing

Near-term FCF

Team

accretive with

long-term upsides

Adds capital efficient

High-grades and

development today

balances our premier

Permian inventory

CrownRock Adds Value and Scale to Midland Basin

Achieves new Midland Basin scale with

basin-leading performance

Delivers high cash margin production with low decline and high liquids

Creates development balance and

flexibility in Permian portfolio

Adds years of top-tier inventory

Asset footprint boosts operating margins with optimization opportunities on takeaways, maintenance, compression,

and overall operability

"We are excited about the addition of CrownRock's

high-performing team and assets to our

organization and expect the enhanced company to accelerate value creation for our shareholders."

- Vicki Hollub

CrownRock Creates

9

SCALED MIDLAND BASIN ASSET

POISED TO DELIVER VALUE

PRO FORMA MIDLAND OPERATING STATISTICS1

9

Operated Rig Count

(Gross)

125%

47

Surface Acres

(in Thousands)

26%

~200

Current Net Production

(Mboed)

344%

>250

Net Leasehold Acres

(in Thousands)

58%

>1,300

(WaterMbwd)

Processing Capacity2

384%

1AS OF JULY 2024 2COMBINED WATER RECYCLING AND DISPOSAL CAPACITY

ACHIEVING EARLY SUCCESS IN DEBT REPAYMENTS

RAPIDLY DELEVERAGING USING 10

FREE CASH FLOW AND DIVESTITURE PROCEEDS

$1.4 B

$4.5

$0.8 B

$3.1 B

$3.0

$1.9 B

$B

$1.5

$0.4 B

$0.0

Retired Debt

August

Barilla Draw

Total Expected

Near-term Target

YTD

Repayments

Divestiture

Retired Debt by

Remaining

End of 3Q24

NOTE: ALL VALUES APPROXIMATE

1SUBJECT TO CUSTOMARY PURCHASE PRICE ADJUSTMENTS

Disclaimer

OXY - Occidental Petroleum Corporation published this content on 08 August 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2024 20:14:20 UTC.